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What about those you approved for funding? I assume dealers could send applications to multiple lenders and choose from several approvals, so not all approved loans got financed.

Correct. We probably funded about half of the loans that were approved. Say we were at 5% of applications approved, and then 2% to 3% of applications ended up as funded loans. We were processing 250,000 to 300,000 credit applications per month, resulting in about 8,000 new loans on the books.

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Can you walk me through the collection process at Exeter? For instance, a customer applies for a loan, chooses to go with Exeter, and leaves the dealership with a car. How do you handle call frequency up to the point of repossession?

We maintained about a 300% penetration rate on the dialer. Initially, it was higher, but we realized that dropping from 700 to 300, or three attempts per day, still yielded the same connect rates and output.

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